| 1818.
CHAP. 186. |
LAWS OF MARYLAND.
name and style of The President and Directors of the North and
South Branch Bank of Potomac, at Old Town, Allegany county,
and by that name, shall be, and are hereby made able and capable
in law, to sue and be sued, plead and be impleaded, answer and be
answered, defend and be defended, in any court of record or any
other place whatsoever; and also to make, have and use, a common
seal, and the same to break, alter and renew, at pleasure; and to
make, issue and negotiate notes, and generally to do and execute
all such acts, matters and things, as to them shall appertain under
the clauses of this act. |
| Fundamental articles. |
24. AND BE IT ENACTED, That the following
rules and provisions
shall form and be fundamental articles of the constitution of
the said corporation. |
Capital to be managed
for benefit
of stockholders. |
Article 1. That the capital stock of the North
and South Branch
Bank of Potomac, at Old Town, Allegany county, shall be managed
by the directors for the benefit of the stockholders. |
No director of any
other bank to be a
director in this. |
Article 2. No director of any other bank shall
be a director in
this bank, nor shall any two persons, copartners in any kind of
business, be directors of this institution at the same time; two of
the directors elected by the stockholders shall go out annually. |
Amount of debts
not to exceed double
the amount of
capital paid in.
Excess. |
Article 3. The total amount of the debts which
the said corporation
shall at any time owe, whether by bond, bill, note, or other
contract, shall not exceed double the amount of the capital actually
paid into the said bank, provided that the money deposited in the
said bank for safe keeping, shall not be considered as the debts of
the bank within the provision of this clause. In case of excess,
the directors under whose administration it shall happen, shall be
liable for the same in their natural and private capacities, and an
action of debt may, in such case, be brought against them, or any
of them, or their heirs, executors and administrators, in any court
of record of this state, by any creditor or creditors of the said
corporation, and may be prosecuted to judgment and execution,
any condition, covenant or agreement, to the contrary notwithstanding;
but nothing herein contained shall be construed to exempt
the said corporation, or the lands, tenements, goods and chattels
of the same, from being also liable for, and chargeable with,
the said excess; and such of the said directors who may have been
absent when the said excess was created, or may have dissented
from the resolution or act whereby the same was created, may respectively
exonerate themselves from being so liable, by forthwith
giving notice of the fact, and of their absence or dissent, to the
governor of the state, and to the stockholders, at a general meeting,
which they shall have power to call for that purpose. |
Notes may be discounted
for six
months. |
Article 4. The president and directors may
discount notes or
bills at any length of time, not exceeding six months, but may renew
the same from time to time, at pleasure, and shall not receive
on loans or discounts more than at the rate of six per centum per
annum. |
Notes issued by
corporation to be
binding upon
them. |
Article 5. All bills and notes which may be
issued by order of
the said corporation, signed by the president, and countersigned
by the cashier thereof, promising the payment of money to any
person or persons, his, her or their order, or to bearer, though not
under the seal of the said corporation, shall be binding and obligatory
upon the same, in the like manner, and with the like force and |
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